Business Standard

Front-running scandal at Axis Mutual Fund set to rock $465-bn MF industry

Axis Asset Management Co, India's seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe

Sebi (Photo: Bloomberg)
Premium

Axis Mutual Fund joined the industry with its first investment plan in 2009, and had 2.5 trillion rupees of assets under management at the end of June this year. (Photo: Bloomberg)

Nupur Acharya | Bloomberg
A sprawling regulatory probe that’s ensnared the Indian partner of Schroders Plc is roiling one of the nation’s largest asset managers and is poised to shake up India’s $465 billion mutual fund industry.
 
Axis Asset Management Co., which is India’s seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe. 

The fund in early July submitted its findings to regulators and said it had evidence to believe that the terminated executives had violated securities law. Meanwhile, the Securities & Exchange Board of India has been carrying

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in